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Carla Vista Co, bought equipment for $290000 on January 1, 2016. Carla Vista estimated the useful life to be 10 year...
Sandhill Co. bought equipment for $600000 on January 1, 2016. Sandhill estimated the useful life to...
Sandhill Co. bought equipment for $600000 on January 1, 2016. Sandhill estimated the useful life to be 4 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Sandhill decides that the business will use the equipment for a total of 9 years. What is the revised depreciation expense for 2017?
5. Harrah's Copy Shop bought equipment for $240,000 on January 1, 2016. Jack estimated the useful...
5. Harrah's Copy Shop bought equipment for $240,000 on January 1, 2016. Jack estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Jack decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2017? a. $80,000. b. $32,000. C. $40,000. d. $60,000. 3 years
ictor Mineli, the new controller of Carla Vista Co, has reviewed the expected useful lives and...
ictor Mineli, the new controller of Carla Vista Co, has reviewed the expected useful lives and salvage values of selected depreciable assets at the eginning of 2017, Here are his findings: Accumulated Depreciation, Useful Life (in years) Salvage Value Type ofDate Asset AcquiredCostJan. 1, 2017 OldProposed Old Proposed BuildingJan. 1,2009 $ 736,500 $136,000 40 Warehouse Jan. 1,2012 145,000 48 $56,500 $36,700 27,710 25 20 6,450 4,400 All assets are depreciated by the straight-line method. Carla Vista Co. uses a calendar...
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life...
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life and no salvage value. On January 1, 2019, Walid Company retires the equipment. The straight-line method of depreciation is applied and financial statements are prepared yearly. The retirement entry is: * On January 1, 2018, Zak Company purchases equipment for $24,000, with an estimated useful life of 4 years and no salvage value. The straight-line depreciation method is applied and financial statements are prepared...
Sandhill Co. purchased machinery on January 1 at a list price of $410000, with credit terms...
Sandhill Co. purchased machinery on January 1 at a list price of $410000, with credit terms 2/10, n/30. Payment was made within the discount period. Sandhill paid $75500 sales tax on the machinery, and paid installation charges of $5400. Prior to installation, Sandhill paid $11300 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery? O $502200 O $494000. O $477300. O $482700. Sunland Company bought equipment for $280000 on...
Victor Mineli, the new controller of Carla Vista Co., has reviewed the expected useful lives and...
Victor Mineli, the new controller of Carla Vista Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Proposed Old Proposed Accumulated Depreciation, Jan 1, 2022 $136,000 27,710 Date Acquired Cost Jan. 1, 2014 $736,500 Jan. 1, 2017 145,000 Building Warehouse Old 40 25 58 $56,500 206,450 $36,700 4,790 All assets are depreciated by the straight-line method. Carla...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $52,400 salvage value, $859,200 cost Equipment, 12-year estimated useful life, $9,200 salvage value, $108,200 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Carla also decided to change the total useful life of the equipment to 9 years,...
On July 1, 2019, Carla Vista Co. purchased new equipment for $85,000. Its estimated useful life...
On July 1, 2019, Carla Vista Co. purchased new equipment for $85,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Correct answer iconYour answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
On January 2, 2016 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the...
On January 2, 2016 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. If McNally's Extra Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2017, during which period the asset was used 4,500 hours? O A. $20,000 OB. $22,500 O C. $24,000 OD. $27,000 Rhoundakona Corporation bought property, plant, and equipment...
Carla Vista Company owns equipment that cost $81,000 when purchased on January 1, 2019. It has...
Carla Vista Company owns
equipment that cost $81,000 when purchased on January 1, 2019. It
has been depreciated using the straight-line method based on an
estimated salvage value of $21,000 and an estimated useful life of
5 years.
Prepare Carla Vista Company’s journal entries to record the sale of
the equipment in these four independent situations.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the...
5. Harrah's Copy Shop bought equipment for $240,000 on January 1, 2016. Jack estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Jack decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2017? a. $80,000. b. $32,000. C. $40,000. d. $60,000. 3 years
ictor Mineli, the new controller of Carla Vista Co, has reviewed the expected useful lives and salvage values of selected depreciable assets at the eginning of 2017, Here are his findings: Accumulated Depreciation, Useful Life (in years) Salvage Value Type ofDate Asset AcquiredCostJan. 1, 2017 OldProposed Old Proposed BuildingJan. 1,2009 $ 736,500 $136,000 40 Warehouse Jan. 1,2012 145,000 48 $56,500 $36,700 27,710 25 20 6,450 4,400 All assets are depreciated by the straight-line method. Carla Vista Co. uses a calendar...
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life and no salvage value. On January 1, 2019, Walid Company retires the equipment. The straight-line method of depreciation is applied and financial statements are prepared yearly. The retirement entry is: * On January 1, 2018, Zak Company purchases equipment for $24,000, with an estimated useful life of 4 years and no salvage value. The straight-line depreciation method is applied and financial statements are prepared...
Sandhill Co. purchased machinery on January 1 at a list price of $410000, with credit terms 2/10, n/30. Payment was made within the discount period. Sandhill paid $75500 sales tax on the machinery, and paid installation charges of $5400. Prior to installation, Sandhill paid $11300 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery? O $502200 O $494000. O $477300. O $482700. Sunland Company bought equipment for $280000 on...
Victor Mineli, the new controller of Carla Vista Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Proposed Old Proposed Accumulated Depreciation, Jan 1, 2022 $136,000 27,710 Date Acquired Cost Jan. 1, 2014 $736,500 Jan. 1, 2017 145,000 Building Warehouse Old 40 25 58 $56,500 206,450 $36,700 4,790 All assets are depreciated by the straight-line method. Carla...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $52,400 salvage value, $859,200 cost Equipment, 12-year estimated useful life, $9,200 salvage value, $108,200 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Carla also decided to change the total useful life of the equipment to 9 years,...
On January 2, 2016 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. If McNally's Extra Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2017, during which period the asset was used 4,500 hours? O A. $20,000 OB. $22,500 O C. $24,000 OD. $27,000 Rhoundakona Corporation bought property, plant, and equipment...
Carla Vista Company owns
equipment that cost $81,000 when purchased on January 1, 2019. It
has been depreciated using the straight-line method based on an
estimated salvage value of $21,000 and an estimated useful life of
5 years.
Prepare Carla Vista Company’s journal entries to record the sale of
the equipment in these four independent situations.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the...
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